If you are over 30 years old, you surely remember the Saturday afternoons when we visited the blockbusters local to rent a couple of movies. Today the company has closed all its stores except one in Bend, Oregon. But maybe Blockbuster could be planning some kind of comeback.
This weekend, fans of the ’90s video rental chain noticed some changes to the official website. Upon entering blockbuster.coma screen appears with the company logo with the phrase “We are working to rewind your movie.”
Some people went to social networks to show their excitement for the return of the chain:
How Competition from Netflix and Other Streaming Services Bankrupted Blockbuster
Blockbuster was a chain of video game and movie rental stores that had its heyday in the 1990s and early 2000s. However, the company experienced a dramatic decline in the decades that followed, eventually filing for bankruptcy in 2010.
One of the main reasons for Blockbuster’s bankruptcy was the rapid evolution of home entertainment technology. In the 1990s, most people still rented movies and video games from physical stores. But as technology advanced, consumers began to switch to streaming and downloading services online.
In 2002, Netflix, a DVD-by-mail rental company, began offering online streaming services, allowing users to watch movies and TV shows without leaving their home. This was followed by the introduction of streaming services by Amazon and Hulu, which put Blockbuster in a difficult position.
Blockbuster tried to adapt to changes in the market by offering its own DVD rental service by mail and by expanding its online presence. However, these initiatives were insufficient to compete with the online streaming services that were becoming more and more popular.
The brand had already teased on Twitter on March 15 about going back and rebranding as a VHS and DVD bank.
At its peak, Blockbuster had 9,000 stores and generated more than $5.9 billion in revenue.
Editorial Team The editorial team of EMPRENDEDOR.com, which for more than 27 years has worked to promote entrepreneurship.